A consortium comprised of Itochu and foreign firms won an order from the State Oil Company of the Azerbaijan Republic to build Turkey's largest oil refinery in the western city of Izmir. Other members of the consortium are Tecnicas Reunidas, Saipem and GS Engineering and Construction.

Keywords:

ISTANBUL -- A consortium comprised of Itochu and foreign
firms won an order from the State Oil Company of the Azerbaijan
Republic (SOCAR) to build Turkey's largest oil refinery in the western city of
Izmir, the Nikkei reported.

Itochu will procure equipment from Japanese plant
manufacturers for the roughly $3.4 billion project, while the Japan Bank for
International Cooperation will help SOCAR raise the necessary
funds.

Other members of the consortium are Tecnicas Reunidas,
Saipem and GS Engineering and Construction. They will sign the
design, procurement and construction contract.

Itochu's portion of the project is worth about $34 million.
Construction will begin in autumn,
and the refinery is slated to begin
operating in 2017.

The refinery will be owned and operated
by SOCAR. It will have a refining capacity of 214,000 bpd,
lifting Turkey's refining capacity by more than
30%.

The addition of the plant to the area will create Turkey's
largest chemical complex.

Dow Jones Newswires

Have your say

All comments are subject to editorial review.
All fields are compulsory.